Potash lifts outlook as profit jumps 75%

SimonKennedy

LONDON (MarketWatch) -- Potash Corp. of Saskatchewan
POT, -0.36%POT, -0.50%
on Thursday lifted its earnings outlook for the year as it reported a 75% jump in net profit to $840 million from $480 million a year earlier. Earnings per share rose to a record 96 cents from 53 cents and revenue grew 62% to $2.33 billion. The fertilizer producer said the growth was driven by higher prices across all three of its nutrient groups as well as continued strong demand. Analysts polled by FactSet Research had been expecting earnings of 86 cents a share on sales of $2.01 billion. For the year, Potash lifted its earnings forecast to a range of $3.40 to $3.80 a share. Analysts had been forecasting earnings of $2.46 a share for the year.

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